June 26, 2022

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Stats, Inflation Slows: Price Estimates for April Revised Downward – Economy

In April 2022, it is estimated that the National Consumer Price Index for the Whole Community (NIC), total tobacco, and records down 0.1% month over month And an increase of 6.0% year on year (from +6.5% in March) vs. an initial estimate of +6.2%. This was found by the National Institute of Statistics. The deceleration in trend-based inflation is mainly due to energy prices (the growth of which rises from +50.9% in March to +39.5%). This trend is mainly due to the inclusion of energy bonus (electricity and gas) in the calculation of consumer price indices.

Earned inflation for 2022 is equal to + 5.2% for the general index and + 2.0% for the core component. On an annual basis, commodity prices are slowing down (from +9.8% to +8.7%), while those services accelerate (from +1.8% to +2.1%); Thus, the negative inflation differential between the latter and commodity prices decreases (from -8.0 percentage points in March to -6.6). Prices of food, household goods and personal care products accelerated (from + 5.0% to + 5.7%), while prices of high-frequency purchasing products are decelerating (from +6.5% to +5.8%). The slight cyclical decline in the general index is due to regulated energy prices (-12.5%) and, to a lesser extent, unregulated energy prices (-3.9%), the decline of which is partially offset by growth. From the prices of services related to transportation (+ 2.8%), processed food (+1.6%), unprocessed food (+ 0.8%) and non-durable goods (+ 0.6%). The Harmonized Index of Consumer Prices (HICP) records a monthly increase of 0.4% and 6.3% year on year (from +6.8% in the previous month); The initial estimate was +6.6%. The cyclical increase in HICP, in contrast to the slight decrease recorded by the NIC, was explained by the end of seasonal balances that partially extended to March that the NIC did not take into account. The national consumer price index for blue-collar households and workers (FOI), net tobacco, recorded a decrease of 0.2% month-on-month and an increase of 5.8% year-on-year.

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“April Final Estimate – Istat Comments – Highlights Slower Inflation Recorded by Preliminary Data. This trend is mainly due to the inclusion of energy bonus (electricity and gas) in the calculation of consumer price indices, thanks to the availability of estimates on the number of beneficiaries (extended from 1 April to cover nearly 5 million households, 3 for Electricity Bonus and 2 for Gas Bonus, retroactive as of January 1, 2022). However, inflationary tensions continued to spread to other product sectors, such as durable and non-durable goods, transportation services and processed foods, with so-called “shopping cart” prices rising to +5.7%.